AC Immune AG ACIU

Health CarePharmaceuticalsSwitzerland

Last close 2.22 USD on Nov 1, 2026, −29.3% year to date

Quant rating

Quant rating C Rank 112 of 211 in Health Care

Growth B 57 of 211
Valuation C 132 of 211
Quality C 98 of 211
Revisions B 32 of 211
Momentum D 179 of 211

Wall Street consensus Strong Buy (1.25)Average target 9.08 USD +309.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 226M
Enterprise value: 140M
52-week range: 2.04 – 3.90
3-year range: 1.48 – 5.00
Dividend yield: –
Beta (5 years): 1.62
Shares outstanding: 102M
Next earnings: Nov 2, 2026

About the company

AC Immune SA is a Switzerland-based clinical-stage biopharmaceutical company. The Company focuses on precision medicine for neurodegenerative diseases. It designs, discovers and develops therapeutic, as well as diagnostic products for prevention, diagnosis and treatment of diseases caused by misfolding proteins. Its SupraAntigen and Morphomer technology platforms to create antibodies, small molecules and vaccines designed to address a broad range of neurodegenerative indications, such as Alzheimer's disease (AD). The Company's pipeline includes nine therapeutic product candidates with five in clinical trials, and three diagnostic candidates. Its lead product candidate is Crenezumab, a humanized and monoclonal anti-Abeta antibody for Alzheimer’s disease. It has collaborations with pharmaceutical companies, including Roche/Genentech, Eli Lilly, Biogen, Janssen Pharmaceuticals, Nestle Institute of Health Sciences, Life Molecular Imaging (formerly Piramal Imaging) and Essex Bio-Technology.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4.5	30.1	17.6	4.3	0	–
Revenue growth	−85.0%	71.1%	313.2%	–	−100.0%	−23.7%
EPS (basic, normalized)	−0.87	−0.58	−0.72	−0.91	−1.03	–
EPS growth	–	–	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	−1,971.6%	−186.4%	−366.4%	−1,798.0%	–	−1,080.6%
ROE	−89.7%	−37.3%	−32.9%	−35.3%	−32.6%	−45.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	93.3
Current ratio	0.93x
Long-term debt (mil)	4.0
Net debt (mil)	−88.2
Total equity (mil)	43.5
Net debt / equity	−2.03x
Net debt / EBITDA	1.05x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	4.5	−85.0%	31.0x	−83.9	−53.1%	−1.7x	−0.87	−50.8%	−2.5x
2026	25.9	+475.0%	5.4x	−52.4	+37.6%	−2.7x	−0.51	+41.0%	−4.3x
2027	111	+328.8%	1.3x	−82.0	−56.6%	−1.7x	0.25	+148.3%	8.9x
2028	132	+18.8%	1.1x	17.7	+121.5%	7.9x	0.45	+78.9%	5.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	25.9	0.0%	+15.7%	−32.8%	−0.51	0.0%	+17.4%	+24.3%
2027	111	0.0%	+0.7%	−26.7%	0.25	0.0%	+6.6%	−61.0%
2028	132	0.0%	+1.3%	+36.1%	0.45	0.0%	+4.9%	+635.1%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	0	0.7	25.5	1.1	1.0	1.3	0.9	0.3	1.1	15.1
Sales mean (mil)	5.3	0	1.5	0.7	0.3	2.0	0.8	1.1	0.3	6.7
Surprise	−100.0%	–	+1,616.8%	+53.2%	+206.3%	−34.0%	+15.5%	−70.5%	+314.3%	+124.3%
EPS reported	−0.18	−0.23	0.05	−0.16	−0.19	−0.21	−0.16	−0.13	−0.15	0.02
EPS mean	−0.14	0.27	−0.20	−0.19	−0.21	−0.17	−0.19	−0.17	−0.15	−0.11
Surprise	−33.2%	−185.4%	−125.5%	+14.6%	+7.3%	−20.4%	+16.3%	+22.8%	+1.3%	−118.0%

Peer comparison Pharmaceuticals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ACIU AC Immune AG	226M	1.05x	−1,971.6%	5.30x	−4.3x	8.9x	−2.7x	−1.7x
LLY Eli Lilly and Company	1.33T	1.52x	31.7%	33.13x	40.2x	28.5x	32.7x	24.5x
ABBV AbbVie Inc.	521.1B	2.63x	6.8%	−87.80x	21.1x	18.3x	18.0x	15.7x
MRK Merck & Co Inc	368.9B	1.42x	28.1%	8.80x	54.5x	16.5x	26.1x	13.0x
ROPC Roche Holding AG	397.1B	–	20.9%	9.83x	19.7x	18.3x	13.9x	12.9x
NOVN Novartis AG	330.3B	1.71x	24.8%	8.23x	18.4x	16.5x	15.8x	14.3x
Mean		1.67x	−309.9%	−3.75x	24.9x	17.8x	17.3x	13.1x
Median		1.52x	22.9%	8.51x	20.4x	17.4x	16.9x	13.6x

Technical analysis

1M−14.9%
3M−4.3%
1Y−36.9%
3Y−18.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, AC Immune AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4.5	30.1	17.6	4.3	0	17.4
Cost of revenue	–	–	–	–	–	–
Gross profit	4.5	30.1	17.6	4.3	0	17.4
Selling, general & administrative expenses	14.7	12.6	12.6	10.4	11.9	12.5
Research & development	71.2	69.0	64.9	65.3	68.3	67.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0.6	–	–	–	–	–
Other operating expenses	5.5	6.3	3.9	5.3	6.4	6.9
Operating income	−87.5	−57.7	−63.7	−76.6	−86.6	−69.2
Net interest income (expense)	−1.4	1.6	−0.7	0.1	6.6	−0.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−88.9	−56.1	−64.4	−76.5	−80.0	−70.0
Provision for taxes	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−88.9	−56.1	−64.4	−76.5	−80.0	−70.0
Extraordinary items	–	–	–	–	–	–
Net income	−88.9	−56.1	−64.4	−76.5	−80.0	−70.0
EBIT, normalized	−86.9	−57.7	−63.7	−76.6	−86.6	−69.2
EBITDA, normalized	−83.8	−55.4	−61.1	−74.1	−84.0	−67.0
Basic EPS, normalized	−0.87	−0.58	−0.72	−0.91	−1.03	–

Balance sheet in millions of USD, fiscal years

Balance sheet, AC Immune AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	115	182	122	133	217	255
Receivables	1.7	2.4	18.6	0.9	1.5	2.2
Total inventory	–	–	–	–	–	–
Prepaid expenses	5.0	4.7	7.6	5.1	3.3	4.5
Other current assets	0	0	0	0	0	0
Total current assets	122	190	149	139	222	262
Property, plant & equipment	8.2	8.9	8.2	7.6	8.8	7.5
Goodwill	–	–	–	–	–	–
Intangibles	63.6	55.6	59.9	54.5	55.3	–
Long-term investments	0.7	0.5	0.4	0.4	0.4	0.4
Note receivable	–	–	–	–	–	–
Other long-term assets	0	0	0	0	0	0
Total assets	195	255	217	201	287	270
Liabilities
Accounts payable	2.6	2.9	2.0	1.0	2.2	2.5
Payable/accrued	–	–	–	–	–	–
Accrued expenses	10.2	13.3	13.2	10.2	18.3	12.5
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1.1	1.1	0.8	0.6	0.6	0.5
Other current liabilities	106	93.8	0.2	0.6	0.8	0.3
Total current liabilities	120	111	16.1	12.4	22.0	15.8
Long-term debt	4.7	4.9	3.4	2.4	2.6	2.0
Minority interest	–	–	–	–	–	–
Other liabilities	13.9	14.8	6.9	3.5	7.8	8.4
Total liabilities	138	131	26.3	18.3	32.3	26.3
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.8	2.5	2.5	1.9	2.0	1.7
Additional paid-in capital	608	527	564	467	473	392
Retained earnings (accumulated deficit)	−554	−406	−376	−286	−220	−150
Treasury stock	−0.3	−0.2	−0.1	−0.1	−0.1	−0.1
Other equity	0	0	−0.1	0	0	0
Total equity	56.7	124	191	183	254	243
Total liabilities & shareholders' equity	195	255	217	201	287	270

Cash flow statement in millions of USD, fiscal years

Cash flow statement, AC Immune AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−88.9	−56.1	−64.4	−76.5	−80.0	−70.0
Depreciation, depletion & amortization	3.2	2.4	2.6	2.6	2.6	2.2
Deferred taxes	–	–	–	–	–	–
Non-cash items	4.7	6.2	7.5	4.0	−1.6	6.0
Changes in working capital	−6.4	120	−17.5	−9.6	7.0	−5.5
Cash from operations	−87.4	72.6	−71.8	−79.6	−72.0	−67.2
Investing activities
Capital expenditures	−1.1	−0.6	−1.0	−1.3	−2.9	−1.9
Other investing cash flows	81.3	−115	79.0	27.0	−55.9	33.9
Cash from investing	80.2	−116	78.0	25.7	−58.8	32.0
Financing activities
Financing cash flow items	–	−0.6	0	−0.8	0	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1.3	−0.6	51.4	−0.6	44.7	−0.9
Cash from financing	−1.3	−1.2	51.4	−1.5	44.7	−0.9
Foreign exchange effects	−3.5	−1.8	−1.9	0.6	−0.1	−0.8
Net change in cash	−12.0	−46.5	55.7	−54.8	−86.2	−36.9
Free cash flow	−88.6	71.9	−72.7	−80.9	−74.9	−69.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.